Africa Bonds
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Egypt published a request for proposals for a new dollar bond on Wednesday as it works towards an agreement with the International Monetary Fund. -
Republic of Ghana is still expected to open books on a five year amortising note this week, though no exact timing has been given, a lead banker said on Wednesday.
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CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.
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Moody's joined Fitch late on Monday in downgrading the Republic of Congo, which defaulted on a principal and coupon payment on its only international bond last week.
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Ghana is on the road this week for its first standalone bond since 2014. The government will use the new issue to buy back its $500m 2017s as part of its push towards "smart" debt management. In a market where yield is king, bankers expect the deal to go well, despite concerns about the country's widening budget deficit.
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The Netherlands Development Finance Company (FMO) sold a ZK104m ($10.3m) five year note to a single investor on Monday.
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The International Monetary Fund approved on Friday a two-year precautionary liquidity line (PLL) to Morocco to support the country as it pursues a reform agenda.
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After a year of muted issuance, two African sovereigns met investors in London this week. While both Angola and Nigeria held non-deal roadshows, investors said the timing was "no coincidence" for the former.
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The Central Bank of Nigeria is undertaking a non-deal roadshow in London to meet rates, FX and credit investors.
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Representatives from Angola met investors in London on Thursday as part of a four day non-deal roadshow. The African sovereign recently walked away from discussions with the International Monetary Fund about borrowing money.
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Mozambique’s debt story has been unravelling since the disclosure of some $1.4bn of additional public loans in April, but if anyone thought this painful tale of investor woe was enough to dampen appetite towards Africa, they’d be completely wrong.
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Moody’s has downgraded Mozambique with a negative outlook blaming weaker government willingness to honour its debt related obligations as a primary concern.
